NaaS Technology Inc.

Ladies and gentlemen, thank you for standing by and welcome to the NASS First Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. I must advise you that this conference is being recorded. I would now like to turn the conference over to your first speaker today, Mr. John Wang, Director of Investor Relations. Thank you and please go ahead.

Thank you, operator. Hello, everyone, and welcome to NASS First Quarter 2024 Earnings Conference Call. The company's results were issued earlier today and are posted online. Joining me on the call today are Ms. Cathy Wang Yang, our Chief Executive Officer, Ms. Vivian Wu Ye, our Chief Strategy Officer, and Mr. Alex Wu, our President and Chief Financial Officer. For today's agenda, Ms. Wang will provide an overview of our recent performance and highlights. Ms. Wu will discuss our operating results, and Mr. Wu will go through our financial highlights. Before we continue, I refer you to our Safe Harbor statement in the earnings press release, which applies to this call as we will make forward-looking statements. Also, please note that this call includes discussions of certain non-IFRS financial measures, Please refer to our earnings release which contains a reconciliation of non-IFRS measures to the most comparable IFRS measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. I will now turn the call over to our CEO, Ms. Cathy Wang Yang. Cathy, please go ahead.

Hello, everyone. I'm NAS CEO, Cassie Wang Yang. It's my pleasure to share NAS first quarter 2024 earnings results with you and discuss our recent development. 2024 is off to a great start, show significant growth across our business. In the first quarter, we achieved revenue of RMB 96.24 million. a 166% increase year-over-year. Our growth margin is painted by 8.4 percentage points year-over-year to 25%. These financial achievements reflect our strong operational execution and the power of our strategic steps, making significant progress as we transform our business into one with lucrative and diversified revenue streams across our comprehensive energy solution offerings. Our fundamental capabilities in mobile connectivity have laid a solid foundation for our overall competitiveness, enhancement in skill and operational efficiency, have enabled us to achieve positive gains at both the GTR and NTR levels. Simultaneously, we are actively empowering charging pile operators with our ecosystem and continuously delivering innovation and energy solutions. The steel engine approach not only drives revenue diversification, but also strengthens our position in the broader comprehensive energy market. While we have maintained steady revenue growth, we have also focused on optimizing our cost structure. The cost reduction and efficiency strides we have made are translating direct to our bottom line, and we are on strike to turn our single-month EBIT positive by the end of this year. In summary, the first quarter of 2024 has set a strong foundation for the rest of the year. With our robust financial performance, strategic advancement in mobility connectivity, and continued improvements in operating efficiency, we are well positioned for sustained growth and long-term value creation We have established a unique dual-engine model in the charging service industry chain, comprising both charging services and energy solutions. Thank you for your continued support and trust in us. We look forward to continue our journey of innovation and leadership in the new energy sector. Now I will turn things over to Ms. Wu, our CSO, for a closer look at our operating results.